Profile picture for Timothy Barnes

Timothy Barnes

Lender

Mortgage Loan Officer (11 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
Cash out Refinancing

Advice

  • (11 Contributions,
  • 1 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

I am looking to put my house up for sale by owner and would like to know what the comps are.

Answer

I would first look to see what Zillow will give you as a Zestimate and take it under consideration.  I believe the other lenders give good advice on asking a real estate agent's "opinion" on the value.  If it where me I would hire an appraiser and take the guessing out of the game.  I think the number of homes on the market will  play a large roll in your list price.  Take care.

  (0)
Does it make sense to refinance with 401K?

Answer

 Run the numbers to see if taking $ out of retirement has a return on the investment that you are comfortable with. Check with your tax professional to discuss the tax implications. Check in with a mortgage professional who will give you some options to choose from. Please let me know if this answers your question.

  (0)
Looking for a Buyer's Agent - Chicago

Answer

Many times you get what you pay for.  The seller is paying your agent's commission as contracted in the listing agreement.  You may find it helpful to have a professional second opinion.  The home is the most important factor in this transaction.  Spend your time reviewing the other 3rd parties products and fees such as title companies, lenders, home inspectors, surveyors, pest companies, and home warranties.  My guess is you will easily save money by reviewing these cost and not receive a discounted real estate service.

  (0)
Can an underwriter require IRS verify current year w2 (its March)?

Answer

It is getting pretty close to the 2012 final due date for returns to be submitted.  I would expect an underwriter to be pro active and request for 2012 income history.  I wouldn't think that the PL would have to be audited.  Simply do the best you can with listing your profits and your losses for the year.  They are looking to make sure you are currently on track with the same income trend.  By the way not all lenders are asking for 2 years of self employment history if you have been established more than 2 years. 

  (0)
Could I qualify for a mortgage loan

Best Answer

It sounds to me that you are moving in the right direction.  You should ask a mortgage loan officer take all your information to and pull your credit.  Depending on what the sales prices are you may be ready.  Please contact me if you have more questions.

  (0)
What can I do to get more (or better) quotes for my loan request ZR-LSGHPSB?

Answer

Make sure you specify if the property is owner occupied, second home or an investment property.  How many total stories are there?  Is the condo project warranted?  Are all phases of the condo project completed?  What is the investor concentration in the project?  Be prepared to know what the loan to value ratio will be.  Your credit score will play a into the rate.  What type of loan program are you interested in?  What is the value of the unit?  Set some time aside to answer these questions.  Shop for your best option that fits your goals.I hope this helps?  Please let me know if I can answer more question you may have.

  (0)
Loan after Chapter 13 Discharge

Answer

You may ok now.  HUD's underwriting rules state that a person in Chapter 13 bankruptcy can purchase a home subject to a FHA-insured mortgage. Requirements are the applicant (1) must have completed one year of payments as required while under Chapter 13 and (2) must obtain a letter from the Trustee of the court, stating the dollar amount the applicant can borrow.

  (0)
Can banks raise your morgage escrow on a fixed morgage?

Answer

Section 10 of the Real Estate Settlement Procedures Act (RESPA) limits the amount of money a lender may require the borrower to hold in an escrow account for payment of taxes, insurance, etc. RESPA also requires the lender to provide initial and annual escrow account statements. The additional escrow account regulations became effective in October 1997.If a bank or the servicer is raising your escrow it is because the cost of insurance or tax has increased and your current monthly payment will fall short of the total amount need at the time the term payment is due. 

  (0)
Rates on the move again!

Answer

30 Yr. FNMA 3% MBS worse by 1/8, 30 Yr. GNMA 3% MBS worse by 1/8, 10 Yr. dn 7@1.85%  30 Yr. dn 14 @3.04%

  (0)